Deal could be worth $10m to $20m - estimates

Bank of East Asia, Hong Kong's fifth-largest lender, is to buy the Taiwan securities arm of AIG.

"The deal is subject to regulatory approval in Taiwan and we will have an announcement later today," Chan Kay-cheung, Vice Chairman of Bank of East Asia (China), told Reuters.

The acquisition - which some analysts estimated would be worth $10m to $20m - would bring in brokerage and wealth management licences to the bank, enabling it to expand in Taiwan.